My wife and I are intending to purchase a 3 bedroom apartment in Coedpoeth with a mortgage. We have a Coedpoeth solicitor, but the lender says he's not on their "panel". It appears that we have no option but to appoint one of the bank panel firms or retain our Coedpoeth conveyancing practitioner as well as pay for one of their panel ones to act for them. We consider that this is inequitable; are we not able to require that the mortgage company use our Coedpoeth conveyancer ?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the lender’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your Coedpoeth conveyancing solicitor to apply to be on the conveyancing panel.
I am the sole recipient of my late grandmother’s estate and I have everything in my name now, including the house in Coedpoeth. Conveyancing formalities meant that the Land Registry date was in April. I want to move. I understand that there is a Mortgage Lenders six month 'rule', meaning my property ownership will be regarded the same way as though I had purchased the house in April. Do I have to wait half a year to sell?
The Council of Mortgage Lenders’ handbook instructs conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you might be impacted by that. How sensible a view mortgage companies take of it, depend on the lender as this obligation is principally there to pick up on the purchase and immediately sell or the flipping of property.
When it comes to mortgage companies such as Co-operative, do Coedpoeth conveyancing practitioners incur a fee to be on the list of approved solicitors?
We are unaware of any bank fees to register on their panel, although some do levy an administration charge to deal with the processing of the conveyancing panel application.
I am purchasing a property in Coedpoeth. An unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Clydesdale be concerned?
Given that you are obtaining a mortgage with Clydesdale your lawyer must comply with the conveyancing instructions set out in Part 2 of UK Finance Lenders’ Handbook for Clydesdale. The Council of Mortgage Lenders’ Handbook sets out minimum conditions for solar panel roof-space leases, and conveyancing practitioners are required to report to Clydesdale where a lease does not comply with these provisions. The requirements relate to the installation of panels on properties nationwide and is not limited to Coedpoeth.
Due to the advice of my in-laws I had a survey completed on a property in Coedpoeth ahead of instructing lawyers. I have been informed that there is a flying freehold aspect to the property. My surveyor advised that some banks will not issue a loan on a flying freehold premises.
It depends who your proposed lender is. HSBC has different requirements from Birmingham Midshires. If you contact us we can check with the relevant bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Coedpoeth. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Coedpoeth to see if the conveyancing will be more expensive.
How can the Landlord & Tenant Act 1954 affect my business property in Coedpoeth and how can you help?
The particular law that you refer to affords security of tenure to commercial tenants, granting the legal entitlement to apply to court for a continuation of occupancy at the end of the lease term. There are limited grounds where a landlord can refuse a lease renewal and the rules are involved. We are happy to direct you to commercial conveyancing firms who use the act for protection and handle your commercial conveyancing in Coedpoeth
Estate agents have just been given the go-ahead to market my ground floor flat in Coedpoeth. Conveyancing has not commenced, however I have recently had a quarterly service charge invoice – Do I pay up?
The sensible thing to do is pay the service charge as normal as all rents and service payments should be apportioned on completion, so you will be reimbursed by the purchaser for the period running from after the completion date to the subsequent invoice date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I inherited a basement flat in Coedpoeth, conveyancing having been completed 4 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent flats in Coedpoeth with a long lease are worth £179,000. The average or mid-range amount of ground rent is £65 invoiced every year. The lease ends on 21st October 2081
You have 57 years remaining on your lease the likely cost is going to span between £26,600 and £30,800 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.